Cryptocurrencies

Bitcoin (BTC) has risen more than 8% this week, indicating that levels…

Bitcoin (BTC) is up more than 8% this week, suggesting that lower levels continue to attract buyers. Generally, in a range, traders buy near support and sell near resistance. This suggests that the price could reach the top of the range at $73,777, but clearing this hurdle could be difficult.

Analysts are divided in their opinion on Bitcoin’s next directional move. Some believe that the correction is over and Bitcoin will break to a new all-time high, while others expect Bitcoin to decline to retest the $60,000 support and decline. It is difficult to predict the direction of a breakout from a certain range with certainty. Hence it may be wise to wait until the price starts a new trend before creating large trading positions.

Daily view of crypto market data. source: Coin360

As Bitcoin consolidates, traders may look to altcoins for short-term trading opportunities. Although a full alt season has not yet arrived, selected altcoins are likely to provide trading opportunities.

Could Bitcoin’s potential rise above near-term resistance boost sentiment in the cryptocurrency sector? Let’s examine the top 5 cryptocurrencies that look promising on the charts.

Bitcoin price analysis

Bitcoin is facing resistance near $68,000, but a positive sign is that the bulls are not ceding ground to the bears. This indicates that the bulls are holding their positions as they expect a move higher.

Bitcoin (Btc) Has Risen More Than 8% This Week, Indicating That Levels...
BTC/USDT daily chart. source: TradingView

The 20-day EMA ($64,109) has started to rise, and the Relative Strength Index (RSI) is in positive territory, indicating that the path of least resistance is to the upside. If the $68,000 level is broken, BTC/USDT could retest the massive overhead resistance at $73,777.

If the bears want to prevent an uptrend, they will have to quickly pull the price below the moving averages. If they do, the pair could fall to $59,600 and later to the May 1 intraday low of $56,552.

Bitcoin (Btc) Has Risen More Than 8% This Week, Indicating That Levels...
BTC/USDT 4-hour chart. Source: Trading View

Both moving averages are sloping higher on the 4-hour chart, and the RSI is in positive territory, indicating that the bulls are in control. The important support to watch on the downside is the 20 EMA. If the price bounces off this level, it will improve the odds of a rally above $68,000.

Conversely, if the price breaks below the 20 EMA, it will indicate that the upward momentum is weakening. The pair may slide towards the 50 simple moving average and then to the support level near $59,600.

Solana price analysis

Solana (SOL) price rose above the moving averages on May 15, and the bulls are trying to build on their strength.

Bitcoin (Btc) Has Risen More Than 8% This Week, Indicating That Levels...
SOL/USDT daily chart. Source: Trading View

There is a slight resistance at $176 where the bears will try to initiate a correction. The key level to watch on the downside is the breakout level at $162. If the price bounces off this level strongly, it will indicate that the bulls are trying to turn $162 into a support level. This will increase the potential for a rally above $176. The SOL/USDT pair may then move to the $185 level.

This positive outlook will be invalidated in the short term if the price declines and falls below the moving averages. This could trigger a long-term liquidation, taking the pair to $140.

Bitcoin (Btc) Has Risen More Than 8% This Week, Indicating That Levels...
SOL/USDT 4-hour chart. source: TradingView

The pair fell from the upper resistance level near $176 and fell below the Exponential Moving Average (20-EMA). It is likely to retest the breakout level at $162, where buyers are expected to step in and halt the decline. Buyers will have to push the price above $176 to resume the upward movement.

If the pair falls below $162, it will indicate that the bulls may be losing their grip. There is a slight support at the 50 simple moving average, but if that gives in, the pair could drop to $140.

Arowif price analysis

Arweave (AR) has been on an uptrend over the past few days. The bulls pushed the price above the upper resistance level of $47.51 on May 17, but were unable to sustain the higher levels.

Bitcoin (Btc) Has Risen More Than 8% This Week, Indicating That Levels...
AR/USDT daily chart. Source: Trading View

The bears are trying to pull the price to the 20-day EMA ($40), which is an important level to watch. If the price rebounds from this level strongly, it will indicate that the bulls are buying on the dips. This would enhance the chances of a breakout above the psychological resistance level at $50. If that happens, AR/USDT could rise to $68.

Contrary to this assumption, if the price declines sharply and falls below the 20-day EMA, it will signal that the bulls are rushing for the exit. This could lead to a retracement of the 50-day simple moving average ($35).

Bitcoin (Btc) Has Risen More Than 8% This Week, Indicating That Levels...
AR/USDT 4-hour chart. source: TradingView

The 4-hour chart shows a rising wedge pattern forming. The 20 EMA is the immediate support to pay attention to on the downside. If this level breaks down, the pair may slide to the support line of the wedge. A break and close below the wedge could initiate a downward move to $38 and then to $36.

Alternatively, if the price rises from the 20 EMA or support line and breaks above the wedge resistance line, it will indicate that the bulls are still in control. This will invalidate the negative setup and start moving towards the $68 level.

Related: Bitcoin price of $66.9K remains strong, casting doubt on a “deep correction.”

Price analysis chart

The GRT chart started a comfortable rally after the bulls pushed the price above the moving averages on May 15.

Bitcoin (Btc) Has Risen More Than 8% This Week, Indicating That Levels...
GRT/USDT daily chart. Source: Trading View

The 20-day EMA ($0.29) has started to rise, and the RSI has risen into positive territory, indicating that the bulls are trying to make a comeback. Buyers will try to push the price to the general resistance level at $0.35, where the bears may once again mount a strong defense.

The 20-day EMA remains the main support on the downside. If the price falls and breaks below this level, it will indicate that the bears will continue to sell on every slight rise. This could lead to the GRT/USDT pair falling to $0.26 and later to $0.23.

Bitcoin (Btc) Has Risen More Than 8% This Week, Indicating That Levels...
GRT/USDT 4-hour chart. source: TradingView

The 4-hour chart shows that the pair is stuck between $0.22 and $0.31 for some time. The bulls pushed the price above the range but were unable to sustain the higher levels. If the price declines and maintains below the 50 SMA, this indicates that the breakout has been rejected. The pair may then fall to $0.26.

Alternatively, if the price rises from the moving averages strongly, the bulls will take another shot at $0.31. If this level is cleared, the pair may jump to $0.35 and later to the pattern target of $0.40.

Phantom price analysis

Fantom (FTM) broke above the moving averages and the horizontal resistance of $0.79 on May 16, signaling the start of a recovery.

Bitcoin (Btc) Has Risen More Than 8% This Week, Indicating That Levels...
FTM/USDT daily chart. Source: Trading View

The moving averages are about to cross upward, and the RSI has risen into positive territory, indicating that the bulls are back in the game. However, the Bears are unlikely to give up easily. They will try to pull the price back towards $0.79. If the bulls flip this level to support, the FTM/USDT pair could rise to $1.04.

Conversely, if the price declines and breaks below the moving averages, it will indicate that bears remain active at higher levels. This could pull the pair down to $0.60.

Bitcoin (Btc) Has Risen More Than 8% This Week, Indicating That Levels...
FTM/USDT 4-hour chart. source: TradingView

The bears are trying to initiate a correction on the 4-hours chart, but the bulls are likely to buy dips to the 20 EMA. If that happens, the pair is expected to gain momentum and rise towards the upper resistance level at $1.04.

Alternatively, if the price continues to decline and breaks below the 20 EMA, it will indicate that the bulls are losing their grip. The pair may fall to the breakout level at $0.79. This is a key level that the bulls must defend because a break below it would indicate a faltering recovery.

This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.

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